Why AeroVironment Stock Just Got Destroyed
Investors shot shares of defense contractor and unmanned aerial vehicles manufacturer AeroVironment (NASDAQ: AVAV) out of the sky on Tuesday, and the stock is down 26.2% as of 11:40 a.m. ET. The funny thing is, AeroVironment didn't miss earnings this morning -- it beat them.
Analysts had forecast that AeroVironment would earn only $0.62 per share in fiscal Q2 2022, but in fact the company said this morning that its adjusted profit was $0.78 per share. On the other hand, AeroVironment fell well short of sales expectations, reporting quarterly sales of only $122 million where Wall Street had expected more than $130 million.
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Source Fool.com
